New York Foreclosure Activity Down in Third Quarter

Filings down 13 percent from Q2 2011, down 48 percent from a year ago

Foreclosure filings — default  notices, scheduled auctions and bank repossessions — were reported on 6,234 New York properties  during the third quarter of 2011, down 13 percent from the second quarter of  2011 and 48 percent below the level reported for the same quarter last year, according to the latest RealtyTrac® U.S.  Foreclosure Market Report.

One in every 1,286 New York housing units had a foreclosure  filing during the quarter, the 45th highest state foreclosure rate  in the nation.

For September, New York reported 1,908 properties with  foreclosure filings, a 9 percent decrease from August and down 48 percent from  September 2010. One in every 4,202 New    York housing units had a foreclosure filing in September,  the 45th highest state foreclosure rate in the nation.

Nassau County posted top  foreclosure rate for the third quarter
  One in every 412 housing units in Nassau County  had a foreclosure filing during the third quarter of 2011 — 3.1 times the state  average. Putnam County had the second highest rate with  one in every 440 housing units reporting a foreclosure filing — 2.9 times the  state average. Rockland   County had the third  highest rate, reporting one in every 461 housing units with a foreclosure  filing — 2.8 times the state average.

Kings County leads  the state in foreclosure activity for third quarter
  Kings County had the highest level of foreclosure activity in  the state, reporting 1,208 properties with foreclosure filings during the  quarter. Nassau County was second highest, reporting  1,114 properties with foreclosure filings. Third highest total was tallied in Suffolk County, where 1,082 properties with  foreclosure filings were reported. Reporting 505 properties with foreclosure  filings for the quarter, Bronx   County registered the  fourth highest total in the state. Fifth highest was Westchester County,  where 373 properties with foreclosure filings were reported for the quarter.

State a minor contributor to  nation’s foreclosure total in the third quarter
  New York accounted for 1 percent of the 610,337 properties  with foreclosure filings reported nationwide for the third quarter of 2011.  Total U.S.  activity was up slightly from the second quarter of 2011, but was down 34  percent from the level reported for the same quarter in 2010. One in every 213 U.S. housing  units received a foreclosure filing during the quarter.

“U.S.  foreclosure activity has been mired down since October of last year, when  the robo-signing controversy sparked a flurry  of investigations into lender foreclosure procedures and paperwork,” said  James Saccacio, chief executive  officer of RealtyTrac. “While foreclosure  activity in September and the third quarter continued to register well below levels  from a year ago, there is evidence  that this temporary downward trend is about to  change direction, with foreclosure activity slowly beginning to ramp back  up.”
  “Third quarter foreclosure activity increased marginally from the previous quarter, breaking a  trend of three consecutive quarterly  decreases that started in the fourth quarter of 2010,” Saccacio continued. “This marginal increase in overall  foreclosure activity was fueled by  a 14 percent jump in new default notices, indicating that lenders are cautiously throwing more wood into the  foreclosure fireplace after spending months trying  to clear the chimney of sloppily filed foreclosures.”

                                New York Top Foreclosure Rates By County – Q3 2011

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

94,849

101,029

163,962

53,967

196,530

610,337

213

n/a

n/a

New York

0

4,935

3

661

635

6,234

1,286

0.17

n/a

 

 

 

 

 

 

 

 

 

 

Nassau

0

1,012

0

54

48

1,114

412

0.52

3.12

Putnam

0

73

0

0

10

83

440

0.48

2.92

Rockland

0

196

1

0

19

216

461

0.46

2.79

Suffolk

0

895

0

107

80

1,082

505

0.42

2.55

Richmond

0

264

0

20

14

298

604

0.35

2.13

       New York Top Foreclosure Totals by County – Q3 2011

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q2 11

% Chg Q3 10

 

 

 

 

 

 

 

 

 

 

United States

94,849

101,029

163,962

53,967

196,530

610,337

213

0.35

-34.40

New York

0

4,935

3

661

635

6,234

1,286

-13.21

-47.62

 

 

 

 

 

 

 

 

 

 

Kings

0

1,082

0

84

42

1,208

809

-19.73

-32.78

Nassau

0

1,012

0

54

48

1,114

412

-5.59

-17.17

Suffolk

0

895

0

107

80

1,082

505

32.11

-42.08

Bronx

0

419

0

54

32

505

1,017

-3.44

-28.27

Westchester

0

297

0

53

23

373

969

-19.44

-49.73

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